Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1887-12-09

In considering the question of purchas-
ing bonds as means of restoring to cir
culatlon the surplus money accommodating
IN the treasury, it should be borne in
mind that premiums must, of course, be
paid upon such purchase, that there NAV
be large part of these bonds held as in.
vestments, which cannot be purchased at
any price, and that combinations among
holders who are willing to sell may un-
reasonably enhance cost of such bond to
the government. 1t has been suggested
that the present bonded debt might be
refunded at less rate of interest. and
the difference between the old and new
securities paid in cash, thus finding use
for the surplus in the treasury. The sue
cess of this plan, it is apparent, must be
founded upon the violation of the hold
ers of the present bonds; and it is not
entirely certain that the inducement
which must be offered them would result
In more financial benefit to the govern
ment than the purchase of bonds, while
the latter proposition would reduce the
principal of the debt by actual payment,
instead of extending it. The proposition
to deposit the money held by the govern
ment in banks throughout the country for
use by the people, it seems to me
reaching too close relationship between
the operations of the government to the
business of the country, and too extern
sive a commingling of their money, thus
fostering an unnatural reliance in pri-
vate business upon public funds. If
this scheme should be adopted, it should
only be done as temporary e1pedient
to meet an urgent necessity. Legislative
and executive effort should generally be
in the opposite direction and should
have tendency to divorce, as much and
as fast as can safely be done, the tres-
sury department from private enterprises.
Of course it is not expected that un
necessary and extravagant appropria
tions will be made for the purpose of
avoiding the accumulation of an excess
of revenue Such expenditure besides
the Generalization of ell just concep-
tions of public duty which it entails en-
ulates reckless improvidence not in the
least consistent with the mission of our
people or the high and beneficent pur-
poses of our government.
have deemed 1t my duty, thus to bring
to the knowledge of my countrymen as
we'll as the attention of their representa-
tives to the responsibility of Legislative
relief, the gravity of our nfancial situa-
tion. The failure of the congress hereto
fore to provide against tie dangers which
it was quite evident, the very nature of
the difficulty mnst necessarily produce,
causing condition of financial distress
and apprehension since their last ad journ-
ment which taxed to the utmost all the
authority and e1pedients within executive
control; and these appear now to be ex
hausted. If disaster results from the
sponsibility must rest where it belongs.
Though the situation thus far considered
is fraught with danger which should be
tur0 of wrong to the people as well as to
the country, 1t is but result growing out
of a perfectly palpable and apparent
cause, constantly reproducing tho same
alarming circumstances a congested
national treasury, and depleted MOLE
tary condition in the business of the
country. tneeds hardly be stated that
while the present situation demands a
remedy, We can only be saved from a
predicament in the future by the removal
of the cause.
OUR SCHEME OF TAXATION,
by means of which this needless surplus
Is taken from the people and put into the
public treasury, consists of a tariff or
duty levied upon inportations from
abroad and internal revenue taxes levied
upon the consumption of tobacco and
spirituous and malt liquors. It must be
considered that none of these taxes re-
iates to things subjected to internal
revenue taxation are strictly speaking
necessary, and it SO appears to be no just
cause of complaint of the consumers of
the articles, and there seems to be moth
ing 80 we'll able to bear the burden with
out hardship to any portion of the peo-
pie. But our present tariff laws, the
various, inequitable and illegal source of
unnecessary taxation ought to be at once
revised and amended. These laws, as
their primary and plain effect raise the
price to consumers of all articles im-
ported and subject to duty by precisely
the sum paid for such duties. Thus the
amount of the duty measures the tax
paid by those who purchase for use these
imported articles. Many of these things
however, are raised or manufactured in
our own country, and the duties now lev
led upon foreign goods and products are
called protection to these home manu-
factures, because-they render it possible
for those of our people who are manufac-
turers, to make these taxed articles and
sell them for prices equal to that de-
manded for the imported goods that
have paid customs duty. So it happens,
that while comparatively a few use the
imported articles, millions cf our people,
who never use and never saw any of the
foreign products, purchase and use
things of the same kind made in this
country, and pay therefor nearly or quite
the same enhanced price which the duty
adds to the imported articles. Those
who buy imports pay the duty charged
thereon, into the public treasury,
bat the great majority of our
citizens who buy domestic articles
of the same class, pay sum at least ap-
proximately equal to this duty to the
home manufacturer. This reference to
the operation of our tariff laws is not
made by way of instruction, but in order
that we may be constantly reminded of
the manner in which they impose bur
den upon those who consume domestic
products as we'll as those who consume
imported articles. and thus create a tax
upon all our people. 1t Is not proposed
10 entirely relieve the country of this
taxation. It must be extensively con-
tinued as the source of the governments
income, and in a readjustment of our
tariff the interests of American labor en-
gagged in manufacture should be carefully
considered, as well as the preservation OF
our manufactures. 1t may be called
protection or by any other name, but re-
lief from the hardships and dangers of
our present tariff laws should be devised
with especial precaution against imperil-
ing the existence Of our manufacturing
interests. But this existence should not
mean a condition which, without regard
to the public welfare or national ext
gency, must always insure the realization
of
IMMENSE PROFITS
instead of moderately profitable returns.
As the volume and diversity of our ns-
tional activity increases, new recruits are
added to those who desire continuance
of the advantages which they conceive
the present system of tariff taxation di-
rectly affords them. So stubbornly have
all efforts to reform the present condi-
ton been resisted by those of our fellow
citizsns thus engaged, that they can
hardly complain of the suspicion enter
tanned to certain extent that there e1
lists an organized combination all
along the line to maintain their advan-
taae.
INFANT INDUSTRIES
We are in the midst of our centennial
celebration. ard with becoming pride We
rejoice in American skill and ingenuity,
in American energy and enterprise, and
in the wonderful natural advantages and
resources developed by century of ma
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